Chapter 16: Market efficiency:
Concept of market efficiency
An efficient market has been defined as one in which the prices of securities fully
reflect all available information. This requires that the reaction of the market
prices to new information shou

Lecture 1 study notes
1. Introduction
The international financial markets offer a wide range of exciting career
opportunities.
Each nations tae is responsible for the structure and operation of its
domestic financial system.
A financial system comprises f